Technip and FMC secured approval for its merged TechnipFMC from the French stock market regulator.
The pair prepared a prospectus as part of the admission to trading on Euronext Paris of all the ordinary shares of TechnipFMC that will be issued in connection with the completion of the combination between FMC Technologies and Technip. The AMF visa on the Prospectus was the last remaining regulatory approval required in connection with the closing of the combination.
Technip’s shares stopped trading yesterday. FMC’s shares were pulled on January 13. Today marks the first day TechnipFMC ordinary shares will be listed under the ticket FTI.
In May last year, the pair revealed plans to create TechnipFMC . The new company is estimated to have an equity value of $13billion. The combination saved the firms $600million.
Doug Pferdehirt, FMC Technologies’ president, serves as chief executive. The board includse seven members from each company. The group is organized into five business units, covering surface, subsea services, products, subsea projects and onshore/offshore.